The project is mainly aimed at exploring the deep geological structure of the region to discover new large deposits of hydrocarbons, as well as to define patterns of their bedding at large depths. The implementation of the Eurasia project will consist of three phases. The first phase envisages the collection and processing of materials from previous years. The second phase includes large-scale research. The last phase includes the drilling of a new support-parametric well called Caspian 1, at the depth of nearly 14-15 kilometers. The estimated cost of the three phases of the Eurasia project is about $ 500 million and the entire project will be taken up during the 2015-20 period.

Meanwhile Indian Oil and Natural Gas Corporation Videsh Limited (OVL) is closely studying the proposal to be part of the massive “Eurasia Project”.

According to officials in the Petroleum Ministry, OVL is looking deeply into the communication sent by the Indian Embassy in Astana about the new initiative and has advocated that OVL should closely look at being part of this project which posses a whopping 300 oil and gas fields in the basin including the super giant fields like Karachaganak, Tengiz and Kashagan in the territory of Kazakhstan.

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